📧 info@akwconsultants.com   📞+971 54 582 1550
📧 info@akwconsultants.com   📞+971 54 582 1550
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Anti-Money Laundering services and Combating the Financing of Terrorism (“AML/CFT”) enactment implies serious diligence to be met by reporting entities. Governments worldwide have been working on making the Compliance laws stricter to stop illegal financing through ML.

An association’s AML/CFT controls can be easily sabotaged by a helpless culture of inconsistency. Solid AML compliance in an organisation can help forestall weaknesses and help distinguish issues before them becoming a major problem.

In September 2018, UAE introduced Federal Decree-law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism, and related Regulations were issued under the Cabinet Decision No. 10 of 2019 in February 2019 which requires, followings are liable to register for on goAML platform:

AML

    Compliance​
    Designing and Implementing Policies & Procedures

    1. Set Minimum Standards by conducting gap assessment of AML Policies and Procedures to identify possible risk and regulatory compliance exposure

    2. Design compliance strategy, infrastructure and risk models to ensure adherence to regulatory requirements and international best practice

    3. Implement Procedures by establishing controls that need to be in place to ensure successful policy roll out and provide ongoing assurance

    Anti Bribery and Corruption Compliance Reviews

    1.Foreign Corrupt Practices Act (FCPA) compliance​

    2.UK Bribery Act compliance

    3.Office of Foreign Assets Control (OFAC) consulting

    4.Third-Party Due Diligence

    5.Anti-Bribery Monitoring

    Screening and Transaction Monitoring

    1.Develop Transaction Monitoring Control and Governance Framework

    2.Develop an effective transaction monitoring scenario tuning methodology

    3.Conduct a gap analysis of the red flags generated through transaction monitoring

    4.Assurance of the existing Transaction Monitoring System and the End to End process

    5.Production of consistent MI for setting efficiency thresholds

    Technology Implementation

    1.Assessing BSA/AML/OFAC Technology and Controls

    2.Developing business requirements for AML related technology

    3.AML and Sanctions Technology Implementation Assistance

    AML Training & Quality Assurance

    1.Developing and Implementing BSA/AML/OFAC Compliance Quality Assurance Procedures

    2.Developing and Delivering Customized BSA/AML/OFAC Training

    3.Delivering specialized AML training highlighting local regulations, practical implications & global regulatory trends

    Our Relevant Experience and AML Subject Matter Expertise

    About Faisal Ahmed